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GREAT WESTERN MINERALS GROUP AND TOYOTA TSUSHO CORPORATION ALLOW LETTER OF INTENT TO EXPIRE
GREAT WESTERN MINERALS GROUP AND TOYOTA TSUSHO CORPORATION ALLOW LETTER OF INTENT TO EXPIRE.
About this update from Great Western Minerals Group Ltd
[{"type":"text","content":"GREAT WESTERN MINERALS GROUP LTD. NEWS RELEASE TSX Venture Symbol: GWG CUSIP: 39141Y 10 3OTCQX: GWMGF GREAT WESTERN MINERALS GROUP AND TOYOTA TSUSHO CORPORATION ALLOW LETTER OF INTENT TO EXPIRE April 01, 2010 - Saskatoon Saskatchewan - Great Western Minerals Group Ltd. (TSX:V - “GWG”) and Toyota Tsusho Corporation (Tokyo Stock Exchange - “8015T”; Nagoya Stock Exchange - “8015NG”), announced today that Toyota Tsusho Corporation (\"TTC\"), will not be proceeding with further exploration activities at the Douglas River and Benjamin River properties currently held by Great Western Minerals Group Ltd. (“GWMG” or the “Company”) at this time. Under the terms of the original Letter of Intent, TTC and GWMG discussed possibilities for the joint exploration and development of the Douglas River and Benjamin River exploration projects. TTC has advised GWMG that, although TTC recognizes the potential for these properties, the current stage of development is too early to meet TTC’s needs as a trading company, as further technical and analytical information are required. As a result, the Letter of Intent was allowed to expire on March 31, 2010. However, at the request of TTC, GWMG will continue to provide TTC with further relevant technical information on these projects, as well as other projects, subject to any restrictions imposed by subsequent letters of intent or confidentiality agreements. TTC has also offered to refer the Douglas River project to a third party, a diversified minerals and metals organization, for consideration of additional work. GWMG has taken TTC up on their offer and will follow up on any opportunities presented.In addition, GWMG may discuss these projects with other potential partners who had previously expressed an interest in working on these projects with GWMG, in the event that TTC declined the opportunity.Jim Engdahl, President and CEO o...